$MathMaster logo$

MathMaster

Home
general
what payment 7 months from now would be equivalent in value to a 3 300 payment due 23 months from now the value of money i

Question

What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..

294

likes

1470 views

Answer to a math question What payment 7 months from now would be equivalent in value to a $3,300 payment due 23 months from now? The value of money is 2.7% simple interest. Round your answer to 2 decimal places. Show all work and how you arrive at the answer..

$Expert avatar$

4.4

112 Answers

Solution: For simple interest, A=P\left(1+rt\right) For payment due 23 months, 3300=P\left(1+\left(0.027\right)\left(23\right)\right)

P=\frac{3300}{1+\left(0.027\right)\left(23\right)}

P\approx2035.78 For payment due 7 months, A=2035.78\left(1+\left(0.027\right)\left(7\right)\right) A\approx2420.54 Answer: $2,420.54

Frequently asked questions (FAQs)

What is 3/4 of 0.8 written as a percentage?

+

What is the length of the hypotenuse in a right triangle with adjacent side = 10 and opposite side = 15?

+

What is the square root of 3458?

+

New questions in Mathematics

A normal random variable x has a mean of 50 and a standard deviation of 10. Would it be unusual to see the value x = 0? Explain your answer.

a to the power of 2 minus 16 over a plus 4, what is the result?

Consider numbers from 1 to 2023. We delete 3 consecutive numbers so, that the avarage of the left numbers is a whole number

You are planning to buy a car worth $20,000. Which of the two deals described below would you choose, both with a 48-month term? (NB: estimate the monthly payment of each offer). i) the dealer offers to take 10% off the price, then lend you the balance at an annual percentage rate (APR) of 9%, monthly compounding. ii) the dealer offers to lend you $20,000 (i.e., no discount) at an APR of 3%, monthly compounding.

A force of 750 pounds compresses a spring 3 inches from its natural length, which is 15 inches. What will be the work done to compress it 3 inches more?

5.- From the probabilities: 𝐏(𝐁) = 𝟑𝟎% 𝐏(𝐀 ∩ 𝐁) = 𝟐𝟎% 𝐏(𝐀 ̅) = 𝟕𝟎% You are asked to calculate: 𝐏(𝐀 ∪ 𝐁)

Prove that it is not possible to arrange the integers 1 to 240 in a table with 15 rows and 16 columns in such a way that the sum of the numbers in each of the columns is the same.

(24, -7) is on the terminal arm of an angle in standard position. Determine the exact values of the primary trigonometric functions.

In a order to compare the means of two populations, independent random samples of 410 observations are selected from each population, with Sample 1 the results found in the table to the right. Complete parts a through e below. X1 = 5,319 S1= 143 a. Use a 95% confidence interval to estimate the difference between the population means (H - H2) Interpret the contidence interval. The contidence interval IS (Round to one decimal place as needed.) Sample 2 X2 = 5,285 S2 = 198 Aa. Use a 95% confidence interval to estimate the difference between the population means (A1 - M2) Interpret the contidence interval. The contidence interval Is (Round to one decimal place as needed.) b. Test the null hypothesis Ho versus alternative hypothesis Ha (H What is the test statistic? H2) + Give the significance level of the test, and interpret the result. Use a = 0.05. Z=

Your boss asks you to plan the sample size for a randomized, double-blind, controlled trial in the clinical development of a cure for irritable bowl disease. Current standard treatment shall be compared with a new treatment in this trial. The S3-guideline of AWM demonstrated a mean change of the summary score of the validated health related quality of life questionnaire at 8 weeks of 16 with standard deviation 23 under standard treatment. You quote the drop-out rate of 11% from literature (previous phase of clinical development). Your research yielded a clinically important effect of 4 that has been found to be the Minimal Clinically Important Difference (MCID). In order to demonstrate superiority of the new treatment over standard of care, you assume that the change in of the summary score of the validated health related quality of life questionnaire follows a normal distribution, and that the standard deviation is the same for both treatments. How many patientes would one need to recruit for the trial to demonstrate the clinically interesting difference between treatments at significance level 5% with 95% power?

If X1 and X2 are independent standard normal variables, find P(X1^2 + X2^2 > 2.41)

How much does the average college student spend on food per month? A random sample of 50 college students showed a sample mean $670 with a standard deviation $80. Obtain the 95% confidence interval for the amount college students spend on food per month.

At the dance there are 150 boys the rest are girls. If 65% are girls what is the total amount in the room

In a physics degree course, there is an average dropout of 17 students in the first semester. What is the probability that the number of dropouts in the first semester in a randomly selected year has between 13 and 16 students?

Which statement best describes the key changes in perspectives on inclusion? An inclusive program must consider the unique experiences of every child and family as well as the child's strengths and needs. There is a shift in thinking about individual programs as "inclusive programs" to thinking about inclusion as something that reflects the cultural influence of the family. There is a greater emphasis on barriers to full participation and the acknowledgement that all children are unique and must be fully and meaningfully engaged in a program. In an inclusive program all participants are accepted by their peers and other members of the community.

On Tuesday Shanice bought five hats.On Wednesday half of all the hats that she had were destroyed.On Thursday there were only 17 left.How many Did she have on Monday.

X^3 - x^2 - 4 = 0, what are the values of x?

A membership to the gym cost $25 per person in 1995. The membership cost has increased by an average $6 per person for each year since 1995. Write a linear equation for the cost of a gym membership for one person since 1995. What is the cost of a gym membership in 2009?

A nondegenerate ideal gas of diatomic molecules with a kilomolar mass of 2 kg/kmol and a characteristic rotational temperature of 86 K is adsorbed on the walls of a container, where the binding energy is 0.02 eV. The adsorbed molecules move freely on the walls, and their rotation is confined to the plane of the walls. Calculate the surface density of adsorbed molecules at 12 K if the gas pressure is 103 Pa! What result would you get at 68 K and the same pressure?